Cannabis Property with Loading
49 Mechanic Street, Hopkinton, RI 02832
For Sale
Contact for pricing
M-zoned property with climate control, upgraded electrical service, and a wooded setting along the Wood River.
Property Size19,420 SF
Price / SF$51.24
Days on Market75
Property Features for 49 Mechanic Street
General Information
Standard status
Size
Class
Total Parking Spaces
Property subtype
Zoning
Investment Type
Building Details
Year Built
Year Renovated
Buildings
Stories
Units
Listing Agency:
Ri Real Estate Services
Listed By:
Michael Russo · License RI REB.0017244
(401) 465-0417
Source:
Crexi
Added: Aug 30
Changed: Nov 12
Last Checked: Nov 12 at 4:34AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ri Real Estate Services
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Investment Insights
Based on property information with market context.
This cannabis property comprises more than 9 acres and includes a commercial building with climate-control equipment, upgraded electrical service, two loading docks, and two ground-level doors. The improvements were most recently used as a cultivation facility, and the property includes a septic system described as young. Construction dates to 1920.
The parcel sits near I-95 in Hope Valley, with the Wood River forming its eastern and southern boundaries. M zoning supports the property’s industrial classification, while expansion plans are available for review. The existing building and site infrastructure provide a substantial base for continued cannabis-related use or other uses permitted by applicable regulations.
The parcel sits near I-95 in Hope Valley, with the Wood River forming its eastern and southern boundaries. M zoning supports the property’s industrial classification, while expansion plans are available for review. The existing building and site infrastructure provide a substantial base for continued cannabis-related use or other uses permitted by applicable regulations.
Key Highlights
- More than 9 acres near I‑95 in Hope Valley
- Commercial building with 2 loading docks and 2 ground‑level doors
- Most recently used as a cultivation facility
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$90,876
Cap Rate
9.13%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,817,520
$1.8M
Cap Rate 7%
$1,298,229
$1.3M
Cap Rate 9%
$1,009,733
$1.0M
Market Conditions
NOI Build-Up for 19,420 SF
Gross rent
$135.9K $7.00/SF
− Vacancy
−$6.1K −$0.32/SF
EGI
$129.8K $6.69/SF
− OpEx
−$38.9K −$2.01/SF
NOI
$90.9K $4.68/SF
Area
Washington County, RI
Vacancy
4.50%
Lease Rate
$7.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,817,520
Cap Rate 7%
$1,298,229
Cap Rate 9%
$1,009,733
Alternative Uses
Best Use
Industrial
$1.30M
$1.14M – $1.51M
NOI $90,876 @ 7.0% cap · market cap 9.13%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$3.88M
$3.40M – $4.53M
NOI $271,608 @ 7.0% cap · market cap 27.30%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
58
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Business Placement
Demographics for 02832, RI
4,887
Population
2,170
Households
2.3
Avg Household Size
47
Median Age
36%
College-Educated
91%
High-School Grad
24.8 sq mi
ZIP Area
197
Density / Sq Mi
$101,225
Median Household Income
$46,394
Median Earnings
$1,114
Median Rent
$391,100
Median Home Value
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Market
Vacancy Rate% for Industrial in Northeast region
Frequently Asked Questions
What type of property is this?
Cannabis property - M-zoned property with climate control, upgraded electrical service, and a wooded setting along the Wood River.
Where is this cannabis property located?
The property is located at 49 Mechanic Street Hopkinton, RI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: More than 9 acres near I‑95 in Hope Valley; Commercial building with 2 loading docks and 2 ground‑level doors; Most recently used as a cultivation facility
